Assume the current price of corn chips is $2/packet. The demand elasticity is 0.5 (ignoring the negative sign) and current consumption (quantity demanded) is 40 millions packets per week. Suppose...

Assume the current price of corn chips is $2/packet. The demand elasticity is 0.5 (ignoring the negative sign) and current consumption (quantity demanded) is 40 millions packets per week. Suppose that the manufacturer raises the price of corn chips to $4 per packet. Derive the demand equation